Vienne, 7 September 2023 (Xinhua) -- The Organization of the Petroleum Exporting Countries (OPEC) announced on 7th that eight major oil-producing countries in OPEC and non-OPEC have decided to increase daily production by 1.37 million barrels in October.
Representatives from Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman held an online meeting on the day to discuss the situation and prospects of the international oil market.
The statement said that in view of the current stable global economic growth expectations, solid market fundamentals and low oil inventories, the eight countries decided to adjust production. In order to maintain the stability of the oil market, the eight countries will flexibly adjust the pace of production increase according to market conditions.
The above countries added an average of 5.47 million barrels per day in September.
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